Hindustan Coca-Cola Holdings (HCCH) has filed its DRHP with SEBI, which opens the way for the Hindustan Coca-Cola IPO. No new shares will be issued. Existing owners sell up to 99.75 crore shares in an offer for sale (OFS), and earlier reports put the size at about ₹9,500 crore.
DRHP stands for draft red herring prospectus, the offer document before SEBI clears it. The filing was reported on 7 November 2026. In September and October we had written about the plan on the basis of reports. Now the company's own papers confirm it.
What the DRHP says about the issue
| Item | Detail |
|---|---|
| Issue type | Entirely an OFS, no fresh issue |
| Shares on offer | Up to 99.75 crore, face value ₹10 |
| Seller | Hindustan Coca-Cola Overseas Holdings |
| Listing | BSE and NSE |
| Registrar | KFin Technologies |
| Price band and dates | Not announced |
The seller is the promoter, a Coca-Cola group company. HCCH will not receive any money. All proceeds, after offer expenses, go to the selling shareholder.
The size of about ₹9,500 crore, or $1 billion, comes from earlier reports, as per an Economic Times report. The valuation target of about $10 billion is also from those reports. The DRHP does not fix a price yet.
Who owns the company?
The Coca-Cola Company holds 60% of HCCH, indirectly. The Jubilant Bhartia Group holds the other 40%. Jubilant came in through a stake purchase completed in July 2025.
HCCH is the parent of Hindustan Coca-Cola Beverages. This is the largest bottler of Coca-Cola products in India. It sells Thums Up, Coca-Cola, Sprite, Fanta and Maaza.
What does the business look like?
The company works in exclusive territories, mostly in southern and western India. It has 14 production plants, eight co-packing units and 90 bottling lines. Its network covers about 17 lakh retail outlets through 2,273 distributors.
For the quarter ended 30 June 2026, revenue from its retained units rose 20.46% to ₹4,310.17 crore. Sales volumes grew 18.61%. The EBITDA margin was 17.20%, against 13.76% a year earlier, as per a Free Press Journal report on the DRHP.
We have not yet read the full-year restated financials in the DRHP. Revenue for FY25 was ₹12,751.29 crore, down 9%, as per earlier reports. That fall followed the transfer of some plants to independent bottlers, so older numbers are not a clean comparison.
Who are the bankers?
Seven banks manage the issue: Kotak Mahindra Capital, Citigroup, J.P. Morgan, Morgan Stanley, Axis Capital, Goldman Sachs and IIFL Capital. Our lead manager pages show how bankers' earlier IPOs listed.
What our data shows
Nothing here has a grey market price or a subscription record yet. The first numbers will come after the RHP and price band. Our listing performance page shows how large mainboard IPOs have done after listing.
What happens next
SEBI now reads the DRHP and sends its observations. That has taken one to three months for most filings. After that the company can file the RHP and announce dates and a price band.
Earlier reports pointed to a listing in 2027. Nothing is confirmed on timing. Read our earlier post on the plan and track other companies on our upcoming mainboard IPO page. The filing is also covered in an Economic Times report.
